Hello, welcome to Politics Insider. Let’s look at what happened today.
The 2025 federal budget will include plans for a new financial crimes agency that will target money laundering and online fraud, the government announced today
Bill Curry reports that Finance Minister François-Philippe Champagne outlined the initiative on Parliament Hill as part of a series of announcements the government is making ahead of the Nov. 4 budget.
Champagne said the new agency is inspired by similar investigation teams in Italy, Britain and the United States.
The new office will investigate sophisticated schemes that are often linked to organized crime.
It will also be part of a broader federal anti-fraud strategy that will include legislation updating the Bank Act.
The legislative amendments would require banks to have policies and procedures in place to detect and prevent consumer-targeted fraud; obtain clear consent from bank account holders before enabling services like e-transfers and to collect data on financial fraud and report it to the Financial Consumer Agency of Canada.
Canadians lost $643-million to fraud in 2024, according to the Canadian Anti-Fraud Centre.
In other news, Robert Fife reports that a former Russian oligarch has renewed his legal fight to force Ottawa to remove him from Canada’s sanctions list and free up more than $100-million of frozen assets.
Lawyers for Igor Makarov informed Global Affairs Canada on Oct. 10 that they plan to challenge his presence on the sanctions list before an international arbitration panel.
That could be either the World Bank’s International Centre for Settlement of Investment Disputes or a United Nations panel.
The billionaire oil and gas tycoon renounced his Russian citizenship in 2023 and is now a citizen of Cyprus and Moldova. He accuses Ottawa of violating an investment treaty it has with Moldova.
Canada placed Makarov under sanctions and froze $145-million of his assets in the aftermath of Russia’s invasion of Ukraine in February, 2022. His lawyers say the frozen assets and lost investments amount to $350-million.
Makarov is seeking $350-million through international arbitration unless Ottawa renews negotiations to delist him.
Finance Minister Francois-Philippe Champagne speaks during a news conference in Ottawa today.Spencer Colby/The Canadian Press
What else is going on
Bank of Canada finds downbeat businesses and consumers ahead of rate decision: The central bank’s quarterly Business Outlook Survey, published today, found a slight improvement in business sentiment from levels earlier this year. But uncertainty over U.S. tariffs continues to weigh on expectations for sales, hiring and investment.
Keep federal deficit under $42-billion, Poilievre says: Federal Conservative Leader Pierre Poilievre levelled the demand in a letter to Prime Minister Mark Carney ahead of the federal budget due on Nov. 4.
Ford faces skills fund questions as legislature returns: Ontario Premier Doug Ford was hammered with questions today from opposition parties who accused the Progressive Conservative government of rewarding its friends with a billion-dollar fund for training workers, as the legislature returned from its extended summer break.
Conservatives changing nomination process: The party has struck a committee to review nominations and sent a survey to members this month, a copy of which was obtained by The Globe and Mail. It says plans are under way to revise rules.
New B.C. legislation promises power line to unlock northern development: It’s British Columbia’s big bet: The publicly funded infrastructure project is meant to secure new private-sector investments, including a string of critical-mineral mines, for the sparsely developed northwest corner of the province.
On our radar
Back in Ottawa: Members of the House of Commons have returned to Ottawa as the Commons sits again after a week-long break. The Senate has also been on a break and senators sit again on Tuesday.
Prime Minister’s Day: Mark Carney had no public events today.
Party Leaders: Green Party Leader Elizabeth May spoke to a panel discussion, in Ottawa, on global hunger issues and was also scheduled to hold a news conference on Conservative Leader Pierre Poilievre’s recent comments on the RCMP and former prime minister Justin Trudeau. NDP Interim Leader Don Davies attended Question Period and later went to a reception in support of people with developmental disabilities. No schedules were provided for Bloc Québécois Leader Yves-François Blanchet or Conservative Leader Pierre Poilievre.
Quote of the Day: “First of all, I did go to law school. Pierre Poilievre didn’t. People think there are too many lawyers in politics. This episode makes it really clear as far as I am [concerned], not enough lawyers in politics. You have to know something about the law before you spout off.” – Green Party Leader Elizabeth May, at a Parliament Hill news conference today, on the federal Conservative leader’s comments on the RCMP and former prime minister Justin Trudeau.
Defence ministers meeting: German Defence Minister Boris Pistorius and Norwegian Defence Minister Tore O. Sandvik are in Ottawa today and Tuesday for meetings with their Canadian counterpart, David McGuinty. The trio are to hold a news conference on Tuesday.
Question period
How many Canadian prime ministers have died in office?
Scroll to the bottom of this newsletter for the answer.
Perspectives
We must make Canada worth investing in
The threats we face today are not a slow burn – they are a series of flash fires that risk engulfing the country. Canada has long had the resources and skills to take charge of our economy and be leaders on the world stage.
— Benjie Thomas, senior partner and chief executive of KPMG in Canada
Canada’s costly EV scheme stalls out again
Mr. Carney recently spoke to business leaders about the importance of having a competitive corporate tax system. He has an opportunity to act in the upcoming federal budget. It would make more sense than throwing even more money at Canada’s stalled EV strategy.
— The Globe and Mail Editorial Board
Is Pierre Poilievre okay?
Mr. Poilievre’s task after the election was to demonstrate that he’s more than just Justin Trudeau’s nemesis; that he can be a prime minister-in-waiting – a serious guy – who could, if given the opportunity, steer the country in a more unified, more prosperous direction.
— Robyn Urback, Columnist
Go deeper
- Follow along for our stories on Canada-U.S. relations as news develops
- Get the latest insight and analysis from our political opinion writers
- Take a look at the history of immigration reporting and great political scandals from A Nation’s Paper, a book about The Globe and Mail’s role in Canadian history
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The answer to today’s question: Two. Canada’s first prime minister, John A. Macdonald, died of a stroke in June, 1891, two months after leading his Conservatives to re-election. He was 75 years old. The second was John Thompson, who died of a heart attack in December, 1894, while on a trip to England. He was 49 years old. The former Nova Scotia premier, who served as justice minister under Macdonald, became prime minister in 1892. Queen Victoria held a funeral for him in England, and his remains were returned to Canada and buried in a Halifax cemetery.